Core Banking Banking Software Core Banking Software

Core Banking Software

Core Banking Software is the software used to support a bank’s most common transactions. This system facilitates central accounting, Customer information and transaction processing functions. This system have a centralized database that provides information on customer's assets and liabilities, a transaction processing engine and a system to support financial management of the bank. The core banking systems are loaded on to the centralized systems in the bank's data centre.

Elements of core banking include

1. Opening new accounts.
2. Processing cash deposits and withdrawals.
3. Making and servicing loans.
4. Processing payments and cheques.
5. Calculating interest.
6. Customer relationship management (CRM) activities.
7. Managing customer accounts.
8. Establishing criteria for minimum balances, interest rates, number of withdrawals allowed and so on.
9. Establishing interest rates.
10. Maintaining records for all the bank’s transactions.

Features of Core Banking

1. Customer relationship management features including a 360 degree customer view.
2. The ability to originate new products and customers.
3. Banking finance including general ledger and reporting.
4. Banking channels such as teller systems, sales applications, mobile banking and online banking solutions.
5. Best practice workflow processes.
6. Content management facilities.
7. Governance and compliance capabilities such as internal controls management and auditing.
8. Security – It provides Login security, Module wise rights, Account rights, System locks.
9. Flexible Reports.

Core Banking Modules

1. Customer details
2. Savings Account
3. Current Account
4. Loans & Advances Account
5. Term Deposit Account
6. General Ledger Accounts
7. All above transactions
8. Queries
9. Reports
10. Periodical Operations like interest calculations etc.